With the aim of doubling farmers’ income by 2022, the government is likely to raise farm credit target to about Rs 19 lakh crore in Budget 2021-22 to be presented on February 1, according to sources.
For the current fiscal, the government has set a farm credit target of Rs 15 lakh crore.
The Government has been increasing the credit target for the farm sector every year and this time too, the target is likely to be increased to around Rs 19 lakh crore for the 2021-22, sources said.
“Non-banking finance companies (NBFCs) and co-operatives are active in the agriculture credit space. The Nabard refinance scheme will be further expanded. Agriculture credit target for the year 2020-21 has been set up at Rs 15 lakh crore,” Finance Minister Nirmala Sitharaman had said while announcing the Budget 2020-21.